Detailed Answer
Losing a loved one often brings responsibility for settling their financial affairs. In Virginia, you must follow specific steps to access and withdraw funds from the decedent’s bank account during probate.
1. Determine if the Estate Qualifies as a Small Estate
If the estate’s total personal property—including bank accounts—does not exceed $50,000, you may avoid formal probate by filing a small estate affidavit. Under Virginia law, this procedure appears in Va. Code § 64.2-593. You file the affidavit and a certified death certificate with the circuit court clerk. After a ten-day waiting period, the clerk endorses the affidavit, and banks must honor it to release funds.
Alternatively, if you are the surviving spouse or minor child, you can seek immediate payment of up to $10,000 of the decedent’s personal property (or the full amount if no other debts exist) under Va. Code § 64.2-600. You submit a similar affidavit process to the court clerk, and once certified, banks must disburse the funds.
2. Open Formal Probate for Larger Estates
If the estate exceeds the small-estate threshold, you must open a full probate case in the local circuit court:
- File a Petition for Probate. Submit the decedent’s death certificate, original will (if any), and petition forms to the circuit court. See Va. Code § 64.2-320.
- Appoint a Personal Representative. The court qualifies you (or another heir) as the personal representative by issuing Letters Testamentary (with a will) or Letters of Administration (intestate).
- Notify Creditors and Post Bond. Publish notice or mail notices to known creditors per Va. Code § 64.2-322. Secure any required fiduciary bond.
- Obtain Certified Letters and Access Accounts. Present certified Letters and a certified death certificate to the bank. The bank will then allow you to open an estate account or withdraw funds directly into the estate’s checking account.
3. Withdrawing Funds
After the bank verifies your Letters:
- Visit a local branch in person.
- Present the certified Letters and death certificate.
- Complete any bank-specific forms.
- Transfer the funds into the estate account for debt payment and distribution.
Maintain clear records of all transactions and respect court deadlines when paying debts and distributing inheritances.
Disclaimer: This article provides general information only and does not constitute legal advice. Consult a qualified Virginia attorney for advice on your specific situation.
Helpful Hints
- Order multiple certified death certificates early to streamline filings.
- Contact the decedent’s bank in advance to learn its documentation and fee requirements.
- Use an estate-only bank account to separate personal and estate funds.
- Track all creditor notices and deadlines to avoid personal liability.
- Review bond requirements; some representatives need a fiduciary bond to qualify.